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Premium finance is a convenient way to pay for your insurance premiums. Instead of paying a large sum upfront, you can spread the payment by paying in installments. Orchard funding is an insurance premium finance company in the UK providing the best services. Contact us or visit our website for more information.

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โˆ™ 2021-12-08 06:01:49
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If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

Why is beef fat a solid at room temperature

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โˆ™ 2013-06-28 06:06:28

Premium financing involves the lending of funds to a person or company to cover the cost of an insurance premium. Premium finance loans are often provided by third party finance entity known as a Premium Financing Company.

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Q: What is life insurance premium financing used for?
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What are some benefits of premium financing?

Premium financing is basically a loan to pay for insurance or insurances. The main benefit of using premium financing is the ability to organize numerous policies under one monthly payment. It is also used to spread out payments for insurance policies that have a large upfront sum that is needed.

What is it called when you pay a monthly car insurance fee?

This would be financing your premium. Some companies have payments plans and sometimes you go through a premium finance company. Premium finance companies are generally used for larger premiums like commercial accounts.

How do you calculate premium on debentures in cash flow statement?

Premium on debenture is shown in cash flow from financing activities because debentures are used to finance the business activities.

What type of life insurance is used as mortgage insurance?

Usually a level term life insurance policy would be used for mortgage loan life insurance protection. Level term offers coverage for a duration of 10, 15, 20 or 30 years with a level premium and level amount of coverage provided by the policy for the entire duration of coverage. Another option is decreasing term life insurance where the premiums remain level but the amount of life insurance coverage decreases each year throughout the life of the term insurance policy.

Is insurance for private boats mandatory in Florida?

if you a financing a boat and it is used as collatoral you must have insurance. if there are no leins against the boat, insurance is not mandatory.

How can you get car insurance coverage without paying full year premium after cancellation?

They refund you the remainder of the premium not used for the year.

What terms is used for the amount charged for a medical insurance policy?

The term is "premium".

What is importance of life insurance?

The importance of life insurance is that it provides financial security for the future of those you name as beneficiary on your life insurance policy. Life insurance is a contract that pays out a life isnruance death benefit in return for the premium payments, subject to the terms, conditions, and exclusions in the contract. The life insurance proceeds can be used by the beneficiary for any reason they choose. That means you can name your family members as beneficiaries to your life insurance policy and they could receive the proceeds upon your death, if the life insurance policy is still "In Force". The proceeds from a life insurance policy may be used for any number of reasons including, paying off a mortgage, paying college tuition for your kids, providing funds for your spouse's retirement, paying for your final expenses, or providing money for your family to continue their current lifestyle. Life insurance provides the financial means for your beneficiaries to have a financially secure future if you are no longer there to provide for them.

How do you compute the tax rate on a surrendered term life insurance policy?

Why would there be one. Term life insurance has no cash value when you surrender may get a refund of premium I guess if it is surrendered before it is all used. That's just a refund. The cost of the premiums you paid is entirely used for the protection for that period of time.

What would make a mortgage insurance premium increase?

There are many things that would make a mortgage insurance premium increase. Mortgage insurance is used when someone dies and pays money so that the mortgage will be paid. Smoking or participating in dangerous activities will increase the premiums.

What percentage of a typical auto insurance premium dollar is used to pay losses?


Would a life insurance company cancel a policy if someone is unable to pay premiums that is in the hopital with terminal cancer in an unconcious state?

Any life insurance policy can be cancelled by an insurance company for non-payment of premium. Check with the company to see if her policy contains a "waiver of premium" feature. If it does, she does not have to pay the premiums, and may even be entitled to a refund for premiums paid during her extended illness. Alternately, if her policy contains cash value or accumulated dividends, these may be used to pay premiums. Good luck

Is car insurance more if the car is in a business name?

yes insurance premium for vehicles used for commercial purpose is considerably more compared to that of vehicles used for private purpose.

What type of life insurance is often used as mortgage insurance?

The type of life insurance that is more than often used as mortgage insurance is known as decreasing term.

Will a term insurance calculator help you calculate your premium accurately?

Yes a term insurance calculator will be accurate. I bought my insurance from Bharti AXA and used the calculator on their website before buying.

What should I consider when purchasing a guaranteed life insurance package?

When purchasing guaranteed life insurance, you should consider whether you want to purchase guaranteed whole life or guaranteed term life. Benefits and coverage never change with guaranteed whole life. Guaranteed term life has lower premium, can be used to pay off high debt and no medical exam is needed. In addition, when purchasing guaranteed life insurance there is a waiting period before you receive full coverage, and you’re covered for a specific time period.

What can insurance be used to cover?

Insurance can be used to cover a number of things such as: life insurance, auto insurance, travel insurance, home insurance, and business or corporate insurance.

Is term life insurance a permanent policy for which you pay a specified premium each year?

Term insurance is NOT permanent! As the name suggests, the policy is designed to protect for a specific term or number of years. Rates are fixed for a certain number of years selected at policy purchase time. Before the policy expiration, the policy owner has the option to convert the policy to a permanent coverage if insurance is still needed, or let it lapse and stop paying premiums. Some term insurance has a return of premium clause, which allows that premiums be returned and can be used to buy a paid up permanent policy, for a lower benefit amount, without any underwriting. Not all companies have the option to convert to a permanent life insurance policy. Ask for a convertible term life insurance policy when you're looking for term insurance, just in case you may still need the coverage beyond the initial term period. ANOTHER EXPLANATION: No, term life insurance is not a permanent policy. That word applies only to whole life insurance. In term insurance, premiums are fixed for a certain number of years selected at the time of application. One of the choices is usually a level premium for a fixed period of years. The thing to understand about term insurance is that premiums increase with age, unless the level premium option is selected. Even then, the premiums remain level only for a fixed period of time, for example, 20 years.

Who can buy life insurance?

Just about anyone with the premium. If you are asking who you can buy it for and be benificiary, contact your agent, some states have laws pertaining to who's life you can insure. There is no stopping anyone from buying life insurance. From children to senior citizens, from those in the pink of health to those with chronic health issues, there is a policy out there to suit everyone. Rather than ask who can buy life insurance, you should ask yourself if you need life insurance. And the answer will always be a resounding yes. Life insurance can help plan for the future and prepare for any untoward tragedy in your family. Life insurance can be used as a replacement of income, to pay for funeral expenses, pay off debts and mortgages and look after your family when you are no more. There is no reason for anyone not to opt for an insurance policy and secure his or her future.

What are your options if you bought a used car in new car dealership got their financing and had an accident within 3 days of buying the car and no insurance?

You have to pay off the car. Unless there was a fault with the car that caused the accident, the dealership is home free. Surprising that they did not require collision insurance as part of the financing.

How does one go about purchasing a Universal life insurance?

Universal life insurance is a form of life insurance, a policy used to provide a family with money after the death of the one getting the insurance. Universal life insurance can be purchased from many of the leading life insurance companies, including Nationwide and American Family.

What is life insurance?

With a wide range of life insurance policies available in the market today, it is important to know how to select the best option. With rising awareness about financial products and its benefits, an increasing number of individuals are investing in different types of life insurance policies. In return for the insurance company's promise to pay, the purchaser of the policy pays a periodic sum of money called a "premium". In most cases, the premium can be paid monthly, quarterly or annually. If premiums are not paid as agreed, the policy may lapse. This quickly occurs in the case of term insurance which does not accumulate "cash value". Cash value accumulates in "whole life" policies but not in "term insurance" policies. Cash value may be thought of as a savings account within the policy. If cash value has accumulated and premiums stop, the accumulated cash value may be used to pay the premiums. Once the cash value has been fully used, the policy will lapse for non-payment of premium. A person can buy insurance on his/her own life. Additionally, another person or entity, such as a business partner or a corporation, can buy insurance on another person provided that that buyer has an "insurable interest" in the life of the person to be insured. An insurable interest essentially means a "stake" in the continued life of the person insured. The stake can be financial, based upon certain family relationships, or other reasons that the insurer permits and State law recognizes.

What is vanishing premium 's in life insurance?

"Vanishing premium" was a technique used some years aho by life insurance sales people to sell whole life insurance. That is the kind of life insurance that builds cash value within the policy. Stated otherwise, a part of each premium payment goes to cover the cost of the protection (the essence of insurance) and a part goes into what can be likened to a savings account. There are significant differences from a savings account, but it is a useful analogy for this discussion. When the policy was sold, the salesperson would project that the cash value would increase at a rate commensurate with a future rate of return based upon insurance company performance, or the investment into which the savings element of the insurance premium was being invested (such as a mutual fund). On that theory, and based upon the projection, it was represented that at a given point in the future, before the projected maturity date of the policy, premiums would be fully paid and no further premiums would be due. This representation did not always mirror the actual return that the insurer got on its investments. If it did not, cash value would not accumulate as fast as projected and the policy would not attain "paid up" status as represented at the time of sale. In fact, if the investments that the insurer made lost money, it might happen that the insured would have to pay additional amounts in order to keep the insurance policy in force. To make a very long story short(er), the concept of "vanishing premium" was determined to essentially be fraudulent. Many lawsuits were spawned against many insurance companies, agents and brokers for the misrepresentations that resulted in financial losses to the insurance purchasers.

What are some coverage characteristic of life insurance?

Number one characteristic is that it provides a benefit upon the insured's death. Secondary benefits are: cash value accumulation (on whole life and universal life insurance plans), which can be used as loans for personal use, to supplement retirement funds, or to increase the death benefit. The term insurance policies can have a Return of Premium feature, that would return all premiums back at the end of the term (10, 20 or 30 years).

Where does insurance claims money come from?

When you get insurance on a car, a house, a boat, you pay the insurance company money, known as premiums. The insurance company invests that money. When there is a claim, some of the premium, along with some of the interest from the invested money, is used to pay the claim.